1099 CRNA Institute: Thrive as your own boss-MEGA Backdoor ROTH

Video Transcription

Video Summary

In the video, the mega backdoor Roth IRA strategy is discussed as a way to maximize retirement savings by utilizing after-tax contributions in a 401(k) plan, hence bypassing income restrictions. This strategy involves making after-tax contributions in addition to pre-tax and matching contributions, then converting the after-tax contributions to a Roth 401(k) or Roth IRA. By doing this, individuals can benefit from tax-free growth and withdrawals in retirement. The strategy is particularly useful for individuals looking to catch up on retirement savings. The video emphasizes the importance of understanding Section 415 limits and considering these strategies for retirement planning.

Keywords

mega backdoor Roth IRA

retirement savings

after-tax contributions

income restrictions

tax-free growth